The most important developments in the crypto industry this week saw the top crypto players advancing their services and products with new partnerships. In this respect, Ripple (XRP), PancakeSwap, OKX, and Polygon are the most significant. Nonetheless, the regulatory sphere is also witnessing intensified measures taken by the agencies like the US SEC.
Judge Proclaims Ripple (XRP) Not a Security
In a significant development, the judge presiding over Ripple’s case declared that XRP does not fall under the definition of a security. According to the judge, the sales of XRP by Ripple do not amount to offering an investment contract.
In a broader context, the judge’s declaration has implications for the wider cryptocurrency market. In the ruling, Judge Torres indicated that digital tokens sold to the general public may not necessarily be categorized as securities. This could pave the way for more freedom in the sale and trade of cryptocurrencies, potentially revolutionizing the crypto market.
PancakeSwap Improves Trading Experience for Users by Partnering with Google Cloud
The well-known decentralized exchange PancakeSwap has recently collaborated with Google Cloud. This initiative includes leveraging the latest technology as well as the scalable resources provided by Google Cloud to enhance the user experience. On its Twitter account, PancakeSwap shared that it will empower its clients by enabling them to trade anytime anywhere.
As per Google Cloud, the decentralized exchange intends to offer a matchless trading experience to its consumers. The collaboration will enable remarkable cost savings at times of huge increases in traffic. In this respect, PancakeSwap will be able to save thirty percent of costs.
OKX to Start Supporting ETH Tokens on Starknet
The popular crypto exchange OKX has declared supporting the ETH tokens on the Starknet network. The famous crypto entity announced shortly launching the deposit as well as the withdrawal services in this respect. In addition to this, the firm categorized this development as a much significant move to fulfil the needs of the clients regarding trading.
Polygon Upgrades Its Native Crypto Token to Enable Multipurpose on Several Chains
The Ethereum-based Layer 2 development forum Polygon has declared the proposal to upgrade its native token named MATIC. The company has a strategy to use the token for several purposes. With the latest upgrade, the token will carry out the purposes of validation on many chains. While disclosing this upgrade, the firm mentioned that the proposal will change the token.
The new token will be named POL after the proposal’s approval. Nonetheless, the community requires reaching a consensus to adopt the respective proposal. Following the approval, the holders of the MATIC coin will obtain the unique POL tokens to replace the previous ones. Moreover, the firm also disclosed that Polygon will never operate a couple of coins simultaneously.
SEC Takes Legal Action against the Bankrupt Crypto Lender Celsius and Its Alex Mashinsky
The US SEC has started a legal fight against the now-bankrupt crypto lender Celsius as well as its former CEO called Alex Mashinsky. The regulatory agency raised several allegations against Mashinsky and Celsius. As per the SEC, the defendants conducted unregistered and fraudulent transfers involving securities in the crypto assets. The company has additionally brought to the front that the accused supposedly deceived the investors in the case of the financial position of the platform.
In this respect, it added, they manipulated the company’s proprietary crypto token CEL’s valuation. Furthermore, the Commodity Futures Trading Commission (CFTC) accomplished a probe into Celsius. In this respect, it was discovered that Mashinsky allegedly infringed the regulations before the demise of the platform.
Techteryx to Carry out Complete Management of the Offshore Services and Operations of TrueUSD
A well-known USD-supported ERC-20 stablecoin named TrueUSD has declared an important development concerning its operations and management. It shared on Twitter that it is collaborating with Techteryx which is a consortium based in Asia. As a result of this partnership, Techteryx is going to assume the complete management of the entirety of the offshore services and activities dealing with TrueUSD (or TUSD).
The transition of the management and ownership of TrueUSD started back in 2020’s December. This was the time when Archblock, Inc.’s subsidiary TrueCoin, LLC, transacted TrueUSD’s business possession to Techteryx. Apart from that, the tea of Archblock kept on offering support for the compliance and activities of the stablecoin.
